NeoMedia Sells Sponge, Rethinks Mobile Marketing Strategy
NeoMedia Technologies, a company that prides itself on owning a diverse number of businesses and technology patents including consumer level mobile Web technology, has announced that it will be revising its mobile strategy and focus more of its efforts on its quode marketing platform.
NeoMedia will be selling Sponge Ltd, a UK mobile software developer which it had just purchased earlier this year. NeoMedia’s acquisition of Sponge has been terminated and control of the company has been given back to its original owners.
“NeoMedia’s plan and intent is to build shareholder value by focusing our development and marketing expertise on next-generation mobile applications and opportunities, especially for our qode direct-to-mobile-web cell phone technology,” said NeoMedia CEO Charles T. Jensen in a statement.
NeoMedia will also be selling its micro paint repair company. Earlier this month, the company reported a $29 million net operational loss for the quarter. The figures included operating costs for Sponge and other acquisitions.
NeoMedia will retain a 7.5% stake in Sponge.
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